Originally Posted by
psyflyer
To begin with there is no real cash return(BEY or IRR) bcs if you put the money which you would have applied towards a bill into a savings account your effectively cutting off your opportunity cost (lifestyle + time = money). And if you cant find anything yielding you more than 4.6% with the formula i gave you then you have some other serious issues imho.
Secondly, your better off of looking at this as a free loan to be applied vs. your credit score.(therefore not entirely free) If you want to fool yourself into beleiving your "making" money go right ahead. Remember, that IF like many of us you pay your debt in full at the end of each term making it not subject to fees, than its truely no difference. OTH if you make the minimum payment, then this might be worth some of your money but than again you have entirely different issues.
Lastly, you can do much better than 4.6% using FDIC insured payable at will savings accounts. Almost 100 beeps better, fyi.
-Signing off, running to catch a plane...
Let me start off by saying that after reading the site posted above, there is just no way I would do this. The site makes interesting read, but I think those guys are nuts (unlike us of course
)
Having said that - its all free money as I would have used the bal tranfer checks that was sent to me, not to pay off a cc debt I am carrying as there is NONE (bills paid in full each month), but simply deposit it into an account I currently have which gives a 4.6% return; sure I can look into ways to get more interest but... FYI my ING account is used just to pay bills. The MR card MIN payment would be made each month from the same funds and within a week of so from the promo expiration the balance would be paid in full from same funds. As for my credit score, it would still be above 700 if I had done this (so said myfico.com simulator).
I think the real point I was trying to get at is how many would give up points earning opportunity for cash.